Afri-Can Marine Minerals Corporation
TSX VENTURE : AFA

Afri-Can Marine Minerals Corporation

January 27, 2011 09:28 ET

Afri-Can Shareholders Approve Acquisition of Marine Diamond Concession in Namibia

MONTREAL, QUEBEC--(Marketwire - Jan. 27, 2011) - Afri-Can Marine Minerals Corporation ("Afri-Can") (TSX VENTURE:AFA) announces that at its Annual General Meeting held on January 26th, 2011, it received approval from its shareholders regarding the acquisition of the shares of Thyme Investment (PTY) Ltd, the owner of the EPL 3403 Marine Diamond Concession in Namibia. The terms of the acquisition were previously announced in a press release dated October 12th, 2010, and amended in a press release dated January 6th, 2011. 29,475,745 shares voted in favour of the acquisition, representing 99.8% of the total shares voted.

EPL 3403 covers approximately 800 square kilometres and is adjacent to the north of the Atlantic One Mining Lease ("ML") 47 (owned by Namdeb Diamond Corporation (Pty) Limited, a 50:50 partnership between the Government of the Republic of Namibia and De Beers Centenary AG), which is the largest marine diamond deposit in the world (see attached maps). ML 47 is currently producing in excess of 1,100,000 carats per year.

At the request of the TSX Venture Exchange, Afri-Can has submitted an independent revision of the National Instrument 43-101 compliant qualifying report submitted by Mr. Richard Foster of Delmar Geoservices Ltd. which was filed on SEDAR and disclosed in the press release dated November 10th, 2010. The revision was prepared by VP3 Geological Services (Pty) Ltd of South Africa. We are awaiting the TSX Venture Exchange's consent to file the revision report on SEDAR.

Afri-Can is currently working on closing a $2 million financing that will enable it to satisfy the condition of the acquisition and start the sampling work on EPL 3403. The technical teams of Afri-Can and International Dredging and Holding Ltd ("IMDH") are currently working on finalising the programme planning and schedule which will be disclosed to our shareholders as soon as technically feasible.

Mr. Pierre Léveillé, President and CEO of Afri-Can, stated that, "We are very pleased with the results of the vote and the Board of Directors and Management would like to acknowledge our shareholders for their important support."

About Afri-Can Marine Minerals Corporation

Afri-Can is a Canadian company, actively involved in the acquisition, exploration and development of major mineral properties in Namibia. Afri-Can's creative and scientific approach targets large marine diamond deposits in prospective territories.

This press release contains certain "forward-looking statements," as identified in the Afri-Can's periodic filings with Canadian Securities Regulators that involve a number of risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements.

To view the maps associated with this press release, please visit the following link: http://media3.marketwire.com/docs/afaa0127.pdf 

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Contact Information

  • Afri-Can Marine Minerals Corporation
    Pierre Leveille
    President & CEO
    514-846-2133 / TOLL FREE North America: 1-866-206-7475
    514-372-0066 (FAX)
    or
    Afri-Can Marine Minerals Corporation
    Bernard J. Tourillon
    Executive V.P. and CFO
    514-846-2133 / TOLL FREE North America: 1-866-206-7475
    514-372-0066 (FAX)
    info@afri-can.com
    www.afri-can.com